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Exchanges (DEX)

Etherex

# Etherex Trading volume Methodology

## 1. Overview

EthereX trading volume measures the total USD value of tokens traded on the EthereX decentralized exchange across both v2 and v3 protocols on the Linea blockchain. The metric aggregates daily trading activity by converting token swap amounts to USD values using a conservative price methodology that prevents manipulation from extreme price differences between token pairs.

## 2. Data sources

The calculation relies on several categories of blockchain and external data:

- **Blockchain events**: Parsed `Swap` events from EthereX v2 Pair contracts and v3 Pool contracts on Linea, capturing token amount changes for each trade
- **Factory events**: `PairCreated` events from EthereX v2 Factory and `PoolCreated` events from v3 Factory to identify valid trading pairs and their token compositions
- **Configuration events**: Pool fee configuration events (`SetPairFee`, `FeeAdjustment`) and fee split events (`SetPairFeeSplit`, `SetPoolFeeProtocol`) that track parameter changes over time
- **Transaction data**: Linea transaction records to link trade events to actual user addresses
- **Token metadata**: Token contract information including decimal places and symbols for proper amount calculation and pair identification
- **External data**: End-of-day token price feeds providing USD values for tokens traded on the platform

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extract and normalize raw swap events from both EthereX protocol versions
- **Logic**: Parse `Swap` events from v2 Pair contracts, calculating net token amount changes by subtracting `amount0Out` and `amount1Out` from `amount0In` and `amount1In` respectively. For v3 Pool contracts, use direct `amount0` and `amount1` values from `Swap` events. Link each trade to user addresses by joining with transaction records using `transaction_hash`. Create unique order identifiers combining block number and log index for proper sequencing.
- **Key fields**: `block_timestamp` for trade timing, `transaction_hash` and `log_index` for event identification, `token0_amount` and `token1_amount` for swap quantities, `user_address` from transaction originator

### Component B: Trading pair configuration
- **Purpose**: Identify valid trading pairs and their token compositions with metadata
- **Logic**: Extract all trading pairs from Factory creation events across both protocol versions. Join with token metadata to retrieve decimal places for each token in the pair, enabling proper amount normalization. Create human-readable pair names by concatenating token symbols. Track pool addresses as unique identifiers for configuration matching.
- **Key fields**: `account_address` as pool identifier, `token0_address` and `token1_address` for pair composition, `token0_decimals` and `token1_decimals` for amount correction, `account_name` for pair identification

### Component C: Pool fee tracking
- **Purpose**: Maintain time-based records of pool fee configurations
- **Logic**: Parse fee configuration events including initial factory default fees, specific pool fee changes, and fee split adjustments. Create time intervals for each configuration using order IDs, with each setting remaining active until the next configuration change. Handle v2 pairs with default 0.3% fees when no explicit configuration exists. Convert fee values from basis points to decimal percentages.
- **Key fields**: `fee_tier` as trading fee percentage, `fee_split` as protocol fee portion, `order_id` ranges defining configuration validity periods

### Component D: Volume aggregation and decimal correction
- **Purpose**: Combine trade data with pool configurations and normalize token amounts
- **Logic**: Join trade events with their corresponding trading pairs and pool configurations based on timing using order ID ranges. Apply decimal correction by dividing raw token amounts by 10 raised to the token's decimal places. Calculate absolute values of token amounts to handle directional flows consistently. Aggregate data by day to establish daily trading boundaries.
- **Key fields**: `token0_amount` and `token1_amount` after decimal correction, `timestamp` truncated to day boundaries, pool configuration parameters matched by timing

### Component E: USD conversion with price protection
- **Purpose**: Convert token amounts to USD values while preventing price manipulation
- **Logic**: Join corrected token amounts with end-of-day price feeds for both tokens in each pair. Calculate USD values by multiplying token amounts with their respective prices. Apply the least-price methodology by taking the minimum USD value between the two tokens in each swap, preventing manipulation from extreme price discrepancies. Handle missing price data by defaulting to zero contribution.
- **Key fields**: `price_usd` from price feeds, calculated USD values for both tokens, final `trading_volume` as the minimum between token USD values

### Final aggregation
- **Combining components**: Sum all individual trade USD values (using the least-price methodology) grouped by day, chain, product ID, version, and pool configuration parameters
- **Currency conversion**: USD conversion occurs at the individual trade level using end-of-day price feeds matched to trade dates, with conservative least-price approach between token pairs
- **Time aggregation**: Daily boundaries established using `timestamp_trunc` to day level, ensuring consistent daily totals across time zones
- **Final calculation**: The final trading volume equals the sum of all trade USD values where each trade contributes the minimum USD value between its two token amounts, aggregated by day and product configuration

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value of spot trades executed on the exchange.

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